Preformed Line Products Announces Financial Results for the Third Quarter and First Nine Months of 2010

MAYFIELD VILLAGE, Ohio, Nov. 4, 2010 /PRNewswire-FirstCall/ -- Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the third quarter and the first nine months of 2010.

Net income for the quarter ended September 30, 2010 was $9,879,000, or $1.83 per diluted share, compared to $6,320,000, or $1.19 per diluted share, for the comparable period in 2009.

Net sales in the third quarter of 2010 were $93,942,000, an increase of 36% from sales of $69,132,000 in the third quarter of 2009.

Net income for the nine months ended September 30, 2010 increased 35% to $17,107,000, or $3.17 per diluted share, compared to $12,626,000, or $2.38 per diluted share for the comparable period in 2009.  

Net sales increased 31% to $244,987,000 for the first nine months of 2010 compared to $187,394,000 in the first nine months of 2009.

Currency exchange rates favorably impacted sales by $1,679,000 for the quarter and $12,303,000 for the first nine months of 2010, while the favorable impact on net income was $341,000 for the quarter and $824,000 for the first nine months of 2010.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our sales and net income from ongoing operations were both records for a quarter.  These results reflect the strength of our legacy operations and the success of integrating the Dulmison business acquired in December, 2009.  That we accomplished these results in a struggling world economy is a testament to the talent and dedication of our 2200+ worldwide team.  Continued economic uncertainty, a weakening dollar and ever increasing raw material costs will present numerous challenges and opportunities going forward."  

Founded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications and broadband network companies.

Preformed's world headquarters are in Cleveland, Ohio, and the Company operates three domestic manufacturing centers located in Rogers, Arkansas, Albuquerque, New Mexico, and Albemarle, North Carolina.  The Company serves its worldwide market through international operations in Australia, Brazil, Canada, China, England, Indonesia, Malaysia,  Mexico, New Zealand, Poland, South Africa, Spain and Thailand.

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements.  Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the strength of the economy and demand for the Company's products, increases in raw material prices, the Company's ability to identify, complete and integrate acquisitions for profitable growth, and other factors described under the headings "Risk Factors" and "Forward-Looking Statements" in the Company's 2008 Annual Report on Form 10-K filed with the SEC on March 15, 2010.  The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

SOURCE Preformed Line Products Company